ReviewTrackers

APRIL 1, 2019

Bank Customer Retention: Why It Matters. You’ve probably heard this more than a dozen times: retaining a customer is so much cheaper than acquiring a new one. This holds true for banks and financial services providers, too. times higher than banks at the lower end of the index, their share of deposits is 1.9

Banking 89

Banking Customer Retention Financial Seminar 89

C3Centricity

NOVEMBER 26, 2024

A recent study by McKinsey found that 87% of companies leveraging advanced customer analytics outperform their competitors in customer retention and engagement ( McKinsey ). A leading example of this approach is Monzo , a digital-first bank based in the UK.

Competitive Advantage 116

Competitive Advantage Consumers Banking Loyalty 116

InteractionMetrics

MARCH 27, 2025

What Is Customer Retention and Why Does It Matter? Customer retention might sound like fancy business jargon, but really, it’s just the art of keeping your customers happy enough that they stick around. Thats customer retention at workusing incentives and positive experiences to keep you coming back.

Customer Retention 52

Customer Retention Metrics Net Promoter Score Loyalty Programs 52

SurveySensum

DECEMBER 4, 2024

Custom er loyalty and satisfaction are crucial when it comes to banks. More than often, customers are attracted to banks that value them and offer good service. But when every bank strives to achieve the same, how can you get a competitive edge? What is NPS in Banking and Other Financial Institutions?

Banking 52

Banking NPS Financial Net Promoter Score 52

InMoment XI

MAY 18, 2022

This creates an emotional picture of the journey that highlights what is most important to customers and also allows our clients to prioritize those moments that matter most to their customers. Want to learn more about improving customer retention?

Customer Journey 397

Customer Journey Touchpoint Customer Retention Banking 397

InMoment XI

OCTOBER 24, 2024

Improved Customer Loyalty Customer engagement platforms increase customer loyalty by making the customer experience engaging and consistent throughout the whole customer journey. Research shows that loyal customers are 64% more likely to make more frequent purchases from your business than regular customers.

Customer Engagement 195

Customer Engagement Engagement E Commerce Omnichannel 195

Ian Williams

MAY 31, 2015

Thinking about this takes me back to the beginning of my career in customer experience, which started around ten years ago when I started working in the insurance division of a major UK retail bank. Customer Retention – Let’s start at the very beginning. Something was afoot.

Customer Retention 100

Customer Retention Insurance Books Banking 100

Inbenta

NOVEMBER 9, 2021

Digital transformation has affected almost every industry, as organizations try to gain a competitive advantage and cater to changing customer demands. Digital Banking Moves Forward. Banks are consequently preparing themselves to meet these challenges in the future and to not fall for the same mistakes. check account balances.

Banking 95

Banking Customer Care Competitive Advantage Omnichannel 95

ReviewTrackers

MARCH 15, 2019

Customer experience is growing steadily as a top priority in the banking industry. Computer Services surveyed more than 160 bank executives in 2017 and 55 percent of that group said they planned to put more money into “customer experience initiatives.” Make customers feel valued.

Banking 87

Banking Customer Experience 2017 2018 87

Beyond Philosophy

MARCH 31, 2015

Both quotes seem to apply to what is currently transpiring with retail branch banking, and where it seems to be trending. Banks can’t quite make up their minds about what branches are supposed to be. Are they technology centers, with increased reliance on self-service devices, speed, and with minimal customer interface?

Banking 124

Banking Customer Relationships Financial Magazine 124

Experience Investigators by 360Connext

NOVEMBER 20, 2014

Without an executive taking charge of the customer experience, the risk of high churn-rates grows exponentially. According to a Deutsche Bank report , during the last decade the SaaS category grew 11X in market cap value, and its share of the total software market capitalization grew from 2% to 14%.

Customer Experience 302

Customer Experience Chief Customer Officer Events 2003 302

GetFeedback

SEPTEMBER 13, 2018

Our best customers are the ones who stay with us. The proof is in the numbers: a 5% increase in customer retention can lead to a 25-95% increase in profits , according to a Harvard Business School study. Doordash, PG Bank, Athenahealth, and other companies are measuring NPS surveys to help inform changes in customer experience.

Net Promoter Score 247

Net Promoter Score Customer Journey Mapping NPS Customer Journey 247

Experience Investigators by 360Connext

JANUARY 7, 2025

Your CX strategy should reflect where your organization currently stands with its customer experience and define a clear vision for where you can go next. A well-defined CX strategy can help you drive tangible business outcomes: Greater customer retention, a stronger brand reputation, and faster revenue generation.

Customer Experience 143

Customer Experience Customer Journey Mapping Touchpoint Metrics 143

One Millimeter Mindset

NOVEMBER 8, 2018

Well, basically customers care about whether our organizations and associations have uncollaborative company cultures. First, customers often can tell whether our internal cultures are in turmoil, or not. Listen to my video o n Customer Abandonment. Deming stated that: Profit from business comes from repeat customers.

Customer Retention 71

Customer Retention Culture Workshop Banking 71

PeopleMetrics

APRIL 28, 2015

This was the terrifyingly binary challenge Joe Sullivan , CEO of Market Insights delivered to a group of banking execs last Friday at the N.J. Joe shared some statistics that would make less-intrepid bank executives contemplate a career change. In 2014, the most likely reason a customer is in the branch is to resolve an issue.

Banking 79

Banking Customer Experience 2014 2001 79

Beyond Philosophy

NOVEMBER 10, 2014

In addition, higher levels of customer satisfaction are tied to high levels of positive cash flows with low volatility, and positive earnings surprises. Keeping Customers results in a high increase in value. Focusing on customer retention with a better Customer Experience will benefit your bottom-line expenses.

Net Promoter Score 164

Net Promoter Score ROI Customer Experience 2014 164

TechSee

OCTOBER 2, 2019

Other industries faced with high churn rates due to poor customer service include retail/ecommerce (12%), healthcare-related products or services (12%), insurance (11%) and banking/financial services (11%). Customer churn is triggered by high effort. Need for improved customer retention strategies.

Customer Service 164

Customer Service Social Media Telecommunications Customer Retention 164

ShepHyken

SEPTEMBER 13, 2021

What Is Customer Loyalty and Retention (And 3 Tips for Improvement) by Scott Clark. CMSWire) Although the terms “customer loyalty” and “customer retention” are often used interchangeably, they actually refer to two different things. There’s a big difference.

Article 158

Article 2021 Customer Service B2C 158

Lumoa

OCTOBER 20, 2022

Customer experience is an important factor in determining customer loyalty. Companies that rank the highest in customer experience surveys also have the highest scores for customer retention. This is because happy customers are less likely to churn and more likely to continue doing business with you.

Customer Experience 114

Customer Experience Banking Customer Retention Customer Satisfaction 114

eglobalis

JUNE 27, 2024

HSBC uses advanced analytics to track and understand customer interactions across digital and physical channels, enabling them to refine each touchpoint for a seamless banking experience. Create detailed journey maps that visualize every customer interaction. Companies like HSBC in Europe and Toyota in APAC excel in this area.

Customer Experience 455

Customer Experience Customer Centricity Net Promoter Score Government 455

InMoment XI

NOVEMBER 20, 2023

Customer retention rates and customer service can be improved by using AI to actively listen for qualitative feedback and elicit more valuable responses. This personalization not only enhances customer satisfaction but also drives sales and fosters brand loyalty.

Customer Experience 243

Customer Experience E Commerce E-support Social Media 243

CSM Magazine

DECEMBER 17, 2024

Customer satisfaction is enhanced by the fact that they can get assistance at any time, and this also helps in building better relationships with clients. Increased Customer Retention and Loyalty When you make sure your customers always have access to help, theyre more likely to trust you and stick with your business.

Competitive Advantage 52

Competitive Advantage Customer Retention Customer Satisfaction Loyalty 52

Thematic

MARCH 20, 2025

Increase retention by personalizing offers based on purchasing behavior. Build better products by prioritizing features customers actually want. Just look at Atom Bank. Who needs access to insights—product teams, marketing, customer service, leadership? Remember Atom Bank? Identify key decision-makers.

Customer Insights 62

Customer Insights Insights Net Promoter Score NPS 62

One Millimeter Mindset

MARCH 28, 2019

Each of us has a customer retention superpower. And our unique qualities, actions, beliefs and behaviors keep customers glued to our sides, year after year. Our customer retention superpowers are more than attaining functional expertise and excellence in our current professional position. What are yours?

Customer Retention 64

Customer Retention Download Communication Customers 64

Experience Investigators by 360Connext

JUNE 22, 2021

Product usage is a great indicator of customer engagement. But some products, like a savings account at a bank, don’t require active usage. Get proactive about how to engage with customers who might receive statements or invoices but little else. Others might be motivated by gamification.

Customer Journey Mapping 297

Customer Journey Mapping Customer Journey E-support Customers 297

PeopleMetrics

MARCH 1, 2017

Early on, our most successful banking clients took time to plan their programs with representatives from branch operations, contact centers, and digital channels. Before you launch your program, decide who will follow up with which customers, decide the scenarios in which that follow-up will happen, and set clear performance standards.

Banking 76

Banking Feedback Customer Centricity Metrics 76

ClientSuccess

JUNE 19, 2019

If you think retaining an existing customer is expensive and unnecessary, try acquiring a new one. It will surely get your brain and bank account working overtime. Increasing customer retention by 5% can increase profits by 25-95%. Shocker, right?

Customer Retention 73

Customer Retention Webinar E Commerce Demo 73

InMoment XI

NOVEMBER 15, 2023

A low CES indicates a smoother customer experience, while a high score signals potential areas of friction. Consider a mobile banking app that recently updated its user interface. By implementing CES surveys following the update, the app can quickly identify if customers find the new design intuitive and user-friendly.

Insights 243

Insights E Commerce Customer Experience E-support 243

Experience Investigators by 360Connext

APRIL 23, 2024

Prioritizing the right CX management not only helps in retaining customers by improving their experiences, but also enhances the overall brand image and increases profitability. Some organizations find that focusing on retaining customers in volatile times can provide more revenue than sales.

ROI 260

ROI CEM Net Promoter Score Customer Experience 260

PeopleMetrics

AUGUST 10, 2016

We work with a number of banks and credit unions, all of which are committed to using customer feedback to deliver a great customer experience. We recently aggregated data from across all of our clients to see what we could learn about overarching trends in banking customer experience. And customers are noticing.

Banking 63

Banking 2016 Insights Customer Experience 63

BirdEye

MARCH 6, 2025

From cutting costs to streamlining operations and improving customer retention , there are multiple reasons why they matter to businesses of all sizes. Heres how they can help: Reducing costs while boosting efficiency AI chatbots can cut customer service costs by up to 30%.

Customer Engagement 52

Customer Engagement Engagement Marketing Banking 52

Kristina Evey

MAY 12, 2015

Your Profits Depend On Your Customer’s Emotions. Think of your current banking institution. If you are instantly filled with frustration and irritation, odds are you are also currently looking to jump ship and find another bank. Frustration and irritation are the kiss of death for customer loyalty.

Banking 98

Banking Customer Satisfaction Loyalty Customer Retention 98

CSM Magazine

OCTOBER 16, 2020

It is not enough to attract new customers to your services. Customer retention is even more important than customer acquisition. More than that, customer retention is the best form of marketing. You have to encourage their loyalty. Clients who recommend your services to others make the best ad.

Customer Retention 52

Customer Retention White Paper Multi-Channel Social Media 52

Beyond Philosophy

OCTOBER 29, 2014

When they removed that benefit to replace it with another one, their customers were enraged and still talk with pain about that years later. The loss aversion was in effect as well when several major US banks (e.g. Bank of America, Morgan Chase, etc.) This led to a large public revolt and forced the banks to axe their plans.

Net Promoter Score 140

Net Promoter Score Customer Experience CEM Banking 140

CloudCherry

OCTOBER 25, 2018

Raju Nair – MD & Regional Head Customer Journey Experience – DBS Bank. Aylwin Tan – Chief Customer Solutions Officer – Ascendas-Singbridge. Alp Altun – Executive GM Transformation & Customer Operations – Asia IAG. Here’s what we learned. It comes from the top down.

CEM 170

CEM 2018 ROI Metrics 170

CSM Magazine

OCTOBER 30, 2024

Why Invest in Customer Service? Before we jump into funding options, let’s briefly discuss why investing in customer service is essential: Customer Retention : Great customer service leads to increased customer retention, reducing churn rates and increasing lifetime value.

Customer Service 52

Customer Service Government Competitive Advantage Financial 52

Kayako

AUGUST 21, 2018

What is customer retention? Simply put, customer retention refers to the strategies and tactics businesses use to encourage repeat purchases and ongoing loyalty from their existing customer base. That’s why customer retention is so vital for businesses of every stripe. Stand Behind a Social Mission.

Customer Retention 49

Customer Retention Loyalty Loyalty Programs Competitive Advantage 49